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flecky
Joined: 26 Sep 2006
Location: manchester, england
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 Posted: Fri Nov 10, 2006 7:46 am Post subject: UK citizen and pensions? |
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I am a newbie and am about to accept a public school teaching position near Seoul.
I am looking through the contract and it says that only Canadian and US citizens can claim back their pension?
Is this true?
If so it is just like an additinal tax for non Canadians/US |
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thursdays child
Joined: 21 Sep 2005
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| Posted: Fri Nov 10, 2006 5:29 pm Post subject: |
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US, Canadian and German citizens can get their pension back.
Everybody initially pays it. Some get it back.
I'm pretty sure it's all to do with 'tit for tat'. The UK doesn't give that sort of tax back to Korean workers in the UK so why should Korea? (I've worked in the UK as a foreigner and got taxed through the roof.) |
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keithinkorea
Joined: 17 Mar 2004
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| Posted: Sat Nov 11, 2006 10:44 pm Post subject: |
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The law has changed. You can't claim back your pension as American,Canadia and Germans can, but as a Brit any deductions will go to your national insurance contributions. There is also now the option, as a Brit, to not pay into the fund at all.
That's the real dope on Brit's pensions here. |
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panchotino
Joined: 16 Jan 2006
Location: scotland for now.
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| Posted: Sun Nov 12, 2006 6:10 am Post subject: |
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| can anyone find any proof of the above. i'm a brit and have just started paying pention after 5 months.a link would be great. |
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penguin
Joined: 16 Aug 2003
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| Posted: Sun Nov 12, 2006 4:40 pm Post subject: UK pension |
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Go to the National Pension website: www.npc.or.kr, click on English, then go to Social Security Agreement (more specifically: http://www.nps4u.or.kr/social/index_en.html). You can read the UK Social Security Agreement which specifically excludes lump sum payments. This must have been a British thing, since Korea seems happy enough to pay it back to other nationalities.
Regarding exemption, I'm pretty sure that this only applies if you've been sent by a British employer to work here (and only for a max of 5 years).
This is what the website says:
"If you are covered by your country's social security system, and you would like to be exempted from contributions to the Korean system, you should get a Certificate of Coverage from a competent authority in your country and present it to the National Pension Service.
...If you are an employee, your employer in your home country must request a Certificate of Coverage from an Agency in your home country." |
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